| MORTGAGE LOANS AND NOTES PAYABLE |
9. MORTGAGE LOANS AND NOTES PAYABLE The Company’s mortgage loans and notes payable are summarized as follows: | | | | | | | | | | | | | | Carrying Value as of | | | | | | | | June 30, | | December 31, | | Effective | | Maturity | Mortgage Loans and Notes Payable | | 2026 | | 2025 | | Interest Rate | | Date | | | | (in thousands) | | | | | | Long Island City II, NY | | $ | 16,627 | | $ | 16,880 | | 2.25 | % | | Jul-26 | Long Island City III, NY | | | 16,626 | | | 16,880 | | 2.25 | % | | Aug-26 | Allen, TX (1) | | | 7,122 | | | 7,226 | | 6.29 | % | | Aug-26 | Flushing II, NY | | | 54,300 | | | 54,300 | | 2.15 | % | | Jul-29 | Principal balance outstanding | | | 94,675 | | | 95,286 | | | | | | Plus: Unamortized fair value adjustment | | | 3,255 | | | 3,969 | | | | | | Less: Loan procurement costs, net | | | (293) | | | (396) | | | | | | Total mortgage loans and notes payable, net | | $ | 97,637 | | $ | 98,859 | | | | | |
| (1) | The Company owns an 85% interest in a consolidated joint venture that is the borrower on this mortgage loan. |
As of June 30, 2026 and December 31, 2025, the Company’s mortgage loans and notes payable were secured by certain of its self-storage properties with aggregate net book values of approximately $237.4 million and $240.0 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of June 30, 2026 (in thousands): | | | | 2026 | | $ | 40,375 | 2027 | | | — | 2028 | | | — | 2029 | | | 54,300 | 2030 | | | — | 2031 and thereafter | | | — | Total principal payments | | $ | 94,675 |
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